Wolverine World Wide is set to acquire Collective Brands’ Performance + Lifestyle Group (PLG), including the wholesale and retail operations of Sperry Top-Sider, Saucony, Stride Rite and Keds brands, for $1.23 billion. The transaction will go into effect in their third or fourth fiscal quarter of 2012.

Investment firms Blum Capital and Golden Gate will jointly obtain the remainder of the conglomerate, comprised of Payless ShoeSource and Collective Licensing International, which together will operate as a separate entity.

Wolverine World Wide, Blum Capital Partners, and Golden Gate Capital have entered into an agreement to acquire Collective Brands for $21.75 per share, totaling approximately $2.0 billion and including the assumption of debt.

Adding these businesses to Wolverine’s existing collection of brands—Merrell, Hush Puppies, Wolverine, Sebago, and Caterpillar Footwear—will, according to the company, “[create] an even more powerful stable of lifestyle brands that positions the company for accelerated growth in both revenue and profits."